By: Colin Jessup
Hello Traders! It looks like our GBP/USD weekly support zone of 1.5950 is holding. Prices have been fluttering around this zone for a week now with at least 7 attempts on a daily chart to push lower. Also offering support at this zone is our Daily Moving Average right below at 1.5916. Yesterday's candle is an indication that prices once again tried to push lower but the zone has acted like a trampoline, giving us a close at 1.6033, 80+ pips higher. I feel pretty strongly that this pair will work higher off of this support zone and at least re-test the week's high at 1.6166. We will be watching for resistance at 1.6050 again as well as 1.6250 and 1.6451. To the downside, we could see the bears hit some support at 1.5950 of course, as well as 1.5820 and again at 1.5630.
Happy Trading!